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Fixed Assets and UltraTax CS 2023 help is now on Help and Support. We're still moving articles, but you can find most content for the 2023 tax year there. Continue using the Help & How-To Center for tax years 2022 and older.

The depreciation adjustment for Schedule P is calculated from the amounts entered in Screen CAAMT (located in the Taxes folder) and Screen CADepr, located in folders Income & Adjustments, Business, Rent & Royalty, Farm, Farm Rental, K1 1065,1120S, and K1 1041. Screen CADepr is available only when the Asset Module is disabled.

There are two methods available for entering this information:

1. Detailed data entry method (assets are entered in the asset module): Detailed data entry is the preferred method to allow asset information to be included in all necessary form calculations. The post-1986 depreciation adjustment is calculated based on the California state tax treatment and the California AMT treatment, or the AMT (Tax AMT) treatment if CA AMT is not present, in the asset module. The CA AMT treatment is automatically built based on the CA treatment when California is added to a client.
2. Summary data entry (assets are not entered in the asset module): When the asset module is disabled, fields in Screen CADepr can be used to enter the post ’86 depreciation adjustment if data has been entered in that screen. Alternatively, the force fields in Screen CAAMT may be used to enter the adjustment.

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